Lifestyle Financing

Key features

If you receive regular rental income, you're eligible for our BML Islamic Lifestyle Financing

• Financing is available from MVR 25,000 up to MVR 300,000 without any additional security at a rate of 15% p.a.
• Financing is available from MVR 300,000 up to MVR 1.5 million with additional security at a rate of 12% p.a.
• Financing period is up to 5 years and no further guarantee or security is required

Eligibility criteria

• Personal net monthly income from all sources including rental income must be sufficient to cover the repayment amount. Only rental income will be considered for unsecured financing.
• Property offered as security must be owned by the customer and must generate rental income. Its current value must be at least 150% of the financing amount.
• Maximum age limit is normally 60 years, though this may not apply if the facility repayment can be met from rental income.

How is rental income verified?

• Rental income from a property with a valid rental agreement.
• If the financing amount is between MVR 25,000 to MVR 300,000, rent should have been deposited to your BML account for the past 12 months.
• If the financing amount exceeds MVR 300,000, rent should have been deposited to your BML account for the past 3 months.
  
  

Applicable fees:

• Unsecured financing: a processing fee of 1% will be charged
• Secured financing: a processing fee of 1.5% will be charged

How to apply?

Download a BML Islamic Lifestyle Financing application and apply to BML Islamic Male’ branch or any other Branch located outside of Male’.